EURUSD pair closes lower for the third day in a row.
The important 100-hour EMA EURUSD is held below by the pair. And the RSI indicator is below 50, which is considered bearish.
At 1.0582, the first resistance level will appear. 1.0522 serves as the first level of support.
On Thursday morning during the early European session. The EURUSD pair starts to lose momentum around 1.0545. The stronger US dollar (USD) and the negative economic news out of the Eurozone could cause some sell-off in the key pair. Worries over the Middle East’s declining growth prospects have also been sparked by recent conflicts in the region. The European Central Bank (ECB), which is anticipated to keep the rate unchanged at its October meeting, will announce its interest rate decision on Thursday.
EURUSD Technical Outlook
Technically the main pair stays below the significant 100-hour Exponential Moving Average (EMA) on the four-hour chart, maintaining the bearish tendency of the EURUSD pair.
Additionally, the Relative Strength Index (RSI) is below 50, which indicates that the downward is the direction of least resistance.
Moreover At 1.0582, close to the 100-EMA, is the immediate upside barrier to keep an eye on. The psychological round mark and the high of October 25 are represented by the important resistance level, which is located in the 1.0600–1.00606 range.
Furthermore A strong break above the latter would trigger a rally. That will take it to the upper Bollinger Band boundary at 1.0685. And ultimately to a high of 1.0735 on September 20.
Conversely, 1.0522 is the initial support level for the EURUSD pair. The level in question is the meeting point of the October 18 low. And the lower bound of the Bollinger Band. The next negative target will be a round number at 1.0500 further south. The latter will be violated, resulting in a decline to 1.0450 (a low of October 4).
